Understanding the Market | Cryptocurrency concept stocks collectively decline, Bitcoin price fluctuates sharply recently, and a flash crash occurs in the US stablecoin sector
Cryptocurrency concept stocks collectively declined, with Mii Strategies down 4.36%, GRANDSHORES down 4.3%, OSL Group down 3.99%, and OKG TECH down 3.51%. Bitcoin futures contracts fell 3.10%, facing dual pressure. The options market saw a surge in demand for put options, with miners depositing 51,000 bitcoins into exchanges. The crypto market experienced a $300 trillion stablecoin flash crash event, as Paxos mistakenly minted $300 trillion PYUSD
According to Zhitong Finance APP, cryptocurrency concept stocks collectively fell. As of the time of writing, Meichuang (02440) dropped 4.36% to HKD 2.63; Grandshores Technology (01647) fell 4.3% to HKD 0.089; OSL Group (00863) decreased by 3.99% to HKD 15.66; OKG TECH (01499) declined 3.51% to HKD 0.275.
On the news front, on Thursday's New York close, the CME Bitcoin futures BTC main contract fell 3.10% compared to Wednesday's New York close, approaching USD 108,000. According to Wall Street Insights, the Bitcoin market is facing dual pressures. Data from the options market shows a surge in demand for put options, with traders willing to pay higher premiums to hedge against downside risks. Meanwhile, Bitcoin miners deposited approximately 51,000 Bitcoins into exchanges over the past week, reaching a multi-month high, possibly preparing for potential sales.
Additionally, according to Caixin, around 3 AM Beijing time on Thursday, a mysterious transaction of 300 trillion USD stablecoins appeared and then disappeared in the cryptocurrency market. Paxos, a crypto industry partner of the well-known trading platform PayPal, minted 300 trillion PayPal stablecoins PYUSD on the Ethereum blockchain, with a paper value corresponding to 300 trillion USD. Transaction records show that Paxos subsequently minted 300 million PYUSD as per standard procedures. Therefore, the full picture of this incident is not hard to guess: Paxos mistakenly recorded 300 million (300 million) as 300 trillion (300 trillion)
